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Nutrisystem Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Company Reports Ninth Consecutive Quarter of Year-Over-Year Revenue Growth, Up 16%

Earnings Per Share Increase 47% Year-Over-Year to $0.25

Fort Washington, PAOctober 28, 2015

Nutrisystem, Inc. (NASDAQ: NTRI), a leading provider of weight management products and services, today reported financial results for the quarter ended September 30, 2015. The following are key financial highlights for the period and reconciliations of certain GAAP to non-GAAP measures are provided later in this press release.

Dawn Zier, President and Chief Executive Officer, stated, We continue to execute su ccessfully against our strategic initiatives as demonstrated by our strong financial performance in the third quarter. We are seeing continued momentum in both our direct-to-consumer and retail channels and remain confident in our ability to achieve our second consecutive year of double-digit revenue growth.

Third Quarter 2015 Compared to Third Quarter 2014

Revenue increased 16% to $104.9 million compared to $90.6 million

Adjusted EBITDA grew 33% to $14.5 million compared to $10.9 million

Net income increased 44% to $7.3 million compared to $5.1 million

Diluted earnings per share increased 47% to $0.25 compared to $0.17

Ms. Zier added, Our business model is foundationally strong. Our value proposition is differentiated from the competition and serves as the basis for our product innovation. We are well positioned to continue growing as we head into Diet Season 2016 and beyond.

Mike Monahan, Chief Financial Officer, commented, Revenue growth in the third quarter came from both our direct and retail channels, which were up year-over-year 16% and 35%, respectively. Capital expenditures are now expected to increase to approximately $12 million for the full year due to increased investment spend to support our future growth and enhance long-term value for our stockholders.

Fourth Quarter and Updated Full Year 2015 Guidance

Nutrisystems fourth quarter and updated full year 2015 guidance are as follows. Reconciliations of certain GAAP to non-GAAP measures are provided later in this press release.

Fourth quarter revenue expected to be in the range of $86.6 to $91.6 million, adjusted EBITDA between $10.6 and $12.6 million, and earnings per share between $0.15 and $0.20

Full year revenue expected to be in the range of $459.0 to $464.0 million, adjusted EBITDA between $55.6 and $57.6 million, and earnings per share between $0.91 and $0.96

The Board of Directors has declared a quarterly dividend of $0.175 per share, payable November 19, 2015 to stockholders of record as of November 9, 2015.

Conference Call and Webcast

Management will host a conference call to discuss third quarter 2015 financial results today at 5:00 PM Eastern time. The conference call will include remarks from President and Chief Executive Officer Dawn Zier, Chief Financial Officer Mike Monahan, and Chief Marketing Officer Keira Krausz. A webcast of the conference call will be available live on the Investor Relations section of Nutrisystems website at www.nutrisystem.com. Interested parties unable to access the conference call via the webcast may dial 877-407-3982. A replay of the conference call will be available on the Companys website for 30 days following the event and can be accessed at 877-870-5176 using replay pin number 13621877.

Non-GAAP Financial Measures

Within this announcement, the Company makes reference to certain adjusted financial measures, which have directly comparable GAAP financial measures as identified in this press release. These adjusted measures are provided so that investors have the same financial data that management uses with the belief that it will assist the investment community in properly assessing the performance of the Company for the periods being reported and future periods. The presentation of this additional information is not meant to be considered a...


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